India and EU sign a landmark Free Trade Agreement (FTA) described as the “Mother of All Deals” by PM Modi. The historic deal boosts trade, investment, and economic cooperation for millions in India and Europe.
Prime Minister Narendra Modi on Tuesday described the landmark Free Trade Agreement (FTA) signed between India and the European Union (EU) as the “Mother of All Deals.” Speaking at the India Energy Week, PM Modi emphasized that the agreement presents a historic opportunity for India’s 1.4 billion citizens as well as millions of people across European countries.
The bilateral trade agreement, which has been under negotiation since 2007, aims to strengthen economic ties between India and the EU. PM Modi said the deal is expected to boost bilateral trade, foster investment, and enhance overall economic cooperation between the two regions.
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Strengthening Two Major Economies
PM Modi stated, “This agreement is a remarkable example of alignment between two of the world’s largest economies. It represents nearly 25% of global GDP and about one-third of global trade. Beyond trade, it reinforces our shared commitment to democracy and the rule of law.”
Highlighting India’s refining capacity, PM Modi added, “India ranks second globally in refining capacity and is soon expected to become number one. Currently, our refining capacity stands at approximately 260 MMTPA, which we aim to increase to 300 MMTPA, providing a significant advantage to investors worldwide.”
India is also among the top five exporters of petroleum products, with exports reaching over 150 countries. PM Modi noted that this makes India an ideal partner for sustainable and secure energy solutions, which was a key theme of the India Energy Week.
Historical Negotiations and Future Prospects
The India-EU FTA is expected to be signed later this year, with implementation likely at the beginning of next year. The agreement will require approval from the European Parliament as well as India’s Union Cabinet. The deal will remove or reduce import duties on more than 90% of bilateral trade goods, including textiles, footwear, and other sectors. Some tariffs will be phased out over 5 to 10 years.
Commerce and Industry Minister Piyush Goyal referred to the agreement as the “Mother of All Deals,” emphasizing its significance amid global trade disruptions caused by high tariffs in other markets.
In the financial year 2024-25, bilateral trade between India and the EU reached $136.53 billion, with India’s exports at $75.85 billion and imports at $60.68 billion. The deal is expected to further strengthen these economic relations and enhance trade opportunities for both regions.
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